Redesigning the eNaira central bank digital currency (CBDC) for payments and macroeconomic effectiveness

Ozili, Peterson K (2023): Redesigning the eNaira central bank digital currency (CBDC) for payments and macroeconomic effectiveness. Forthcoming in:

Abstract

Central bank digital currency is non-physical money or the digital equivalent of physical money issued by a central bank. Nigeria is the first African country to issue a central bank digital currency, popularly known as the eNaira. This paper highlights the redesign features which the eNaira should possess for it to become very effective in offering payment solution and for macroeconomic stability. The eNaira should have an interest-bearing status, have enhanced security features and should offer zero transaction cost on eNaira transactions.

• Item Type: MPRA Paper
• Language: English
• Keywords: eNaira, central bank digital currency, Nigeria, interest-bearing CBDC, cryptocurrency, blockchain, payment system.
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies

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